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Excerpt from bloomberg.com article, SALT-Fueled Rally in Muni Market Faces Tax-Day Test By Amanda Albright April 1, 2019 The rally in the $3.8 trillion municipal-bond market is about to face a major tax-season test. All year, analysts have credited the $10,000 cap on state and local tax deductions for driving a record-setting amount of cash […]
Excerpt from the Sarasota Herald Tribune’s article, Mousseau: The SALT (state and local taxes) conundrum There have been headlines recently describing the drop in state tax revenues versus forecasts for some of the higher-tax states such as California, New York, and New Jersey. Part of the falloff is due to an exodus of higher-income residents […]
Declining home prices aren’t necessarily a bad thing, Mousseau says. “I think what you’ll see is a realignment of house prices,” he says. “The idea that house prices can go up 6 or 7 percent a year — I think that’s going to go away.”
Excerpt from… Deals pour in to slightly firmer market By Aaron Weitzman Christine Albano Published January 15 2019, 1:50pm EST New deals were rolling in, with timing benefiting issuers as the market firmed. Strong demand will likely lead to oversubscriptions on the Pennsylvania Housing Finance Authority deal after a significant portion of the longer maturities […]
Excerpt from… Climate change, a rising tide affecting the muni market By Sarah Wynn Published January 08 2019, 12:45pm EST WASHINGTON — Portfolio managers are feeling the heat when it comes to investing in bonds that could potentially be affected by climate change. Climate change has long been a point of political and social contention, […]
Here’s our first take after the midterm elections. The last three weeks of November have seen a bounce in the bond market, with intermediate and longer bond yields falling after spending most of 2018 rising. If we look at the US Treasury market (chart 1), we can see the rise in Treasury yields – […]
The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback […]
Investors speculate on return of crisis-era Build America infrastructure bonds under split Congress This infrastructure-bond structure, backed by federal subsidies, could face uphill battle in Congress. With Democrats sweeping into the House in the midterm elections, analysts are touting the potential comeback of crisis-era municipal bonds as part of a broader infrastructure bill. Talk of […]
Here’s our first take after the midterm elections. The polls actually got it right, with the Democrats taking the House of Representatives and the Republicans enjoying a slight pickup in the Senate. Divided government, with different parties in control of the House and Senate, has sometimes led to gridlock. It also tends to keep spurious […]
Most investors have heard of the “Super Bowl Theory of the Dow.” This theory, first proposed by sportswriter Leonard Koppett in the 1970s, according to Wikipedia, posited that when a team from the “old” NFL (the current NFC, plus the Colts, Browns and Steelers, who joined the AFC in 1970) won the Super Bowl, the […]
